According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,590 Yen/sqm in July, down 1.0% from the previous month but up 1.3% from last year. Transactions in the Tokyo metropolitan area represented a smaller share of the total, which resulted in a decline in the monthly average. This is the first time in six months that the average has dropped below 2,600 Yen/sqm. The average apartment size was 59.75 sqm and the average building age was 19.4 years.
In the Tokyo metropolitan area, the average rent was 3,145 Yen/sqm, up 1.1% from the previous month and up 3.1% from last year. The average apartment size was 56.70 sqm and the average building age was 17.7 years.
In Tokyo’s 23 wards, the average rent was 3,281 Yen/sqm, up 1.3% from the previous month and up 3.4% from last year. This is the highest level seen since March 2009, and is 4% below the peak of 3,416 Yen/sqm seen in July 2008.
Tokyo’s 23 wards and Yokohama City are the only major centres to see a year-on-year increase in rent. In Osaka City, the average rent dropped by 2.4% from the previous month and is down 3.0% from last year. This is due to a smaller number of transactions for brand new apartments, and a declining rental trend for apartments in buildings between 6 ~ 20 years old.
Average monthly rent per sqm in July 2015:
|Tokyo 23-ku||3,281 Yen (+1.3% from June; +3.4% from July 2014)|
|Yokohama City||2,162 Yen (+0.7%; +1.2%)|
|Saitama City||1,778 Yen (-1.2%; -1.2%)|
|Chiba City||1,457 Yen (+1.2%; -3.1%)|
|Osaka City||2,064 Yen (-2.4%; -3.0%)|
|Kobe City||1,778 Yen (+1.7%; -1.4%)|
|Nagoya City||1,704 Yen (+1.7%; -0.4%)|
*Data is based on the average advertised rent of family-type condominiums which may be higher than actual rent after negotiations. It does not include apartments less than 30 sqm in size, commercial or retail spaces.
Source: Tokyo Kantei, August 14, 2015.
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